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Banking Industry

In: Business and Management

Submitted By dmontaej
Words 1305
Pages 6
MGT 333 CONSTRAINTS MANAGEMENT PROJECT – BANKING INDUSTRY
Detailed description
The banking industry in the United States has undergone significant changes, both in processes and services provided, in recent years. The main goal of these for-profit institutions and the changes they have endured is simple – to increase revenue. The backbones of these institutions are the customers. In order for different banks to compete for customers, they must take into considerations the various factors of their business. To insure they provide the best customer service, they most account for cost, flexibility, time, and quality in their services rendered. One service, the focal point of this paper, is the process of mortgage loans. Buying a home can be one of the most exciting experiences in the lives of adults, or it can be one of the most difficult. To ensure that customers are well equipped with the skills and means to take on such a task, banks go through a rigorous mortgage loan application process. This paper will focus on the process used by a bank located in the Midwestern region of the United States. Furthermore, it will provide an analysis of how by implementing the principles of the Theory of Constraints successfully improved the service rendered by the bank, thus providing a greater service to the customer.
The mortgage loan process begins with a simple application. Each lender’s application requirements may differ. Generally, the formal application requires details about yourself and information regarding your financial status. Once this “pre-qualifiaction” process is complete, next comes the part where you submit documentation for verification purposes. First, documentation to confirm your identity (such as a drivers license, social security number, birth certificate, etc.) is required for the lender to request a credit report. The credit report will determine your

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